HEIRS Energies, chaired by Nigerian businessman Mr Tony Elumelu, has acquired the entire 20.07 percent equity stake previously held by Maurel & Prom S.A. in Seplat Energy Plc. The deal covers 120.4 million ordinary shares at £3.05 per share and is valued at about $500 million.

The transaction marks a major step in Heirs Energies’ strategy to deepen indigenous participation in Nigeria’s strategic energy assets and strengthen long-term energy security and development across Africa.

Commenting on the acquisition, Elumelu said it reflected the company’s commitment to African ownership and responsible management of the continent’s natural resources.

“This acquisition reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources. It is a long-term investment in Nigeria’s and Africa’s energy future, and aligns with our mission to drive energy security, industrialisation, and shared prosperity. Seplat Energy has built a resilient, well-governed platform with compelling long-term prospects, and we are pleased to support its continued growth and value creation for all stakeholders,” he said.

The deal was financed with support from African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC), underscoring the continent’s growing ability to fund major transactions internally.

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Heirs Energies is one of Africa’s leading indigenous integrated energy companies, with operations anchored on safety, innovation, environmental responsibility and shared prosperity. The company operates OML 17 in the Niger Delta, producing over 50,000 barrels of oil per day and 120 million standard cubic feet of gas daily, with oil reserves of over 1.5 billion barrels and gas reserves of 2.5 trillion cubic feet.

Since its launch in 2021, the company has positioned itself as a leader in brownfield operations and a key supplier to Nigeria’s domestic gas market, providing fuel for more than 400 megawatts of electricity generation.

Seplat Energy is a Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange. It has about 2P reserves of 1.043 billion barrels of oil equivalent and working-interest production of 135,600 barrels of oil equivalent per day as at 31 October 2025.

Seplat is viewed as a well-run company and remains Nigeria’s strongest energy firm.